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And Nomura analysts add on today's...>

US TSYS/SUPPLY
US TSYS/SUPPLY: And Nomura analysts add on today's 8:30am ET Aug. Tsy quarterly
refunding news that "this US Tsy refunding analysis period is even more
important" than usual, "because it takes place ahead of the potential start of
the Fed balance-sheet unwind in Q4 2017. The Treasury is now in a position to
reassess its debt management strategy to account for Fed rolloffs." 
- They add "Treasury will provide its findings" in the refunding announcement.
"For this refunding package, we forecast $62bn" in 3/10/30Y auction supply,
"made up of new 3yr ($24bn), 10yr ($23bn) and 30yr bonds ($15bn)," they said. 
- And Nomura analysts said on US Treasury supply/Fed balance sheet rolloff
interaction that "even though initial Fed (balance sheet) roll-offs will be
small, we recommend the Treasury start increasing all auction sizes as early as
the Nov 2017 refunding."

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